Oil Spike and Foreign Selling Drag Bursa

KUALA LUMPUR, Oct 9 — The FBM KLCI extended its decline on Thursday, slipping 10.77 points or 0.67% to 1,601.01, as renewed crude oil strength and persistent foreign selling weighed on sentiment. Market breadth remained weak, with losers outnumbering gainers 813 to 378. The benchmark edged closer to the psychological 1,600 level, underscoring fragile investor confidence ahead of Budget 2027.

Technology (-2.05%), Telecommunications & Media (-1.78%) and Finance (-1.00%) led the laggards, reflecting pressure from elevated US Treasury yields and ongoing foreign fund outflows. Energy (+0.04%) was the sole gainer, supported by firm oil prices amid escalating US‑Iran tensions.

Oil Spike

Foreign investors have been net sellers for 10 consecutive trading days, limiting the market’s ability to absorb external shocks. Analysts warn that unless the index reclaims the 1,625–1,650 zone, the broader trend remains weak, with risks of sliding towards 1,580. Sector focus remains on Energy counters, while Finance and Technology are expected to stay under pressure.

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